Review of Management Accounting and Performance Budgeting

The given document appears to be a compilation of references and summaries of research papers on management accounting and performance budgeting. The papers cover topics such as integrated corporate sustainability assessment, balanced scorecards in not-for-profit organizations, key performance indicators for project success, performance budgeting reform, and goal programming models for budgetary allocation. The summary will provide specific details about the research papers included, their authors, publication dates, and a brief overview of each paper's content.

MANAGEMENT
ACCOUNTING

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO 1.................................................................................................................................................1
1 Essential requirements of different types of management accounting system....................1
2. Different methods used for management accounting reporting.........................................3
3. Benefits of management accounting system......................................................................4
4.Integration of management accounting and reporting system.............................................5
LO 2 please don’t change................................................................................................................6
1. Calculation of marginal and absorption costing.................................................................6
LO 3.................................................................................................................................................8
1.Different types of budgetary tools and their advantages and disadvantages......................8
2. Application of different budgetary tools and their application in preparing forecasting
budgets..................................................................................................................................10
LO 4...............................................................................................................................................12
1. Adaption of management accounting system to solve financial problems......................16
Analyzing planning tools in solving financial problems......................................................17
CONCLUSIONS............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Management accounting is advice to the organization and provision of financial data use in
company and development of business. It is the procedure of preparing and developing
management reports and accounts that give timely and accurate statistical and financial
statements. It is used to give data to the internal users and support the company in making
decisions. Management accounting objective is to provide all the essential financial information
to management. For further information on MA, the report explain various requirements of
management accounting systems which includes Cost accounting system, Inventory management
system, and Job costing system. It will focus on various study that is used by company in process
of MA report. It will depict the importance of application of various management system in the
company. It will outline the different methods used for cost calculation which are marginal
costing and absorption costing and will help the company in finding out the better method
between these two. The report will finally show pro and cons of different budgetary control tools
and how the performance indicators are used to resolve financial problems of the organization.
MAIN BODY
LO 1
1 Essential requirements of different types of management accounting system
MA helps internal users in supplying all the applicable information. This system of the
company makes it easy for mangers by assembling information based on trend charts, break even
charts, budgeting, etc which help in forecasting future (Martello, 2016).
Essential requirements of different types of MA system are as follows :
Inventory management system
Company's inventory management system tracks good and raw materials throughout the
business operations. This system helps the manager of the company in making efficient decisions
related to investment and decisions related to manufacturing the raw material in the organization
or purchasing it from outside. The installation cost of this system is high but efficiency of work
gets high. It includes bar coding on the product, tools that are used to report quantity and price of
inventory. It helps the company in forecasting inventory by showing the requirement of raw
materials in the future, by alerting management about inventory in case it gets finished which
help manager in taking decisions (Maas, 2016). It helps in tracking the inventory with serial
1

number and tracking batch feature which allow the company to keep record of movement of
items and to control expiry of batch. Valuation of inventory can be done through 2 ways :
 LIFO – It stands for last in first out where goods that are bought at last are sold at first
place (Hopper and Bui, 2016.) FIFO – It stands for first in last out in which goods that are bought first are sold at first
place (Bergeron, 2017).
Cost accounting system : It is basically a frame work which is utilized by an organization for
determining the expenditure of goods in order to analyze profit. It is mainly utilized by
manufacturing firm for recording production activities by utilizing a perpetual inventory system
(Cai and et.al, 2018).
Job order costing – It is basically a system of assigning as well as aggregating
manufacturing costs of per unit of output(Hopper, 2016).
Process costing – it is generally technique which includes assignment of costs to units of
production in an organization manufacturing huge amount of consistent products. (Weight,
2015).
Job costing system : It includes accumulation o data related to cost that is related with special
type of production (Weight, 2015). The data provided by job costing system assist in
determining accuracy of estimation (Weight, 2015).
Price Optimization System: It Is a mathematical analysis that helps to determine how
customer respond to different prices for its substitute through variety of channel (Kokubu and
Kitada, 2015). For example, using price optimization software, company will handle complex
situation.
Budget System: It provides a means by which government of the country decides how
much should be spent, how to raise the money it has to spend (Ofori-Kuragu, Baiden and Badu,
2016). For example, when a new product is launch by the firm at that time, government decide
the price and budget needs to be allocated.
2

2. Different methods used for management accounting reporting
Job cost methods:It mainly involves the accumulation of all the cost of material, labor and
overhead for some specific jobs (Hopper and Bui, 2016). Therefore. It is consider one of the best
tool that mainly tracing specific tools for an individual jobs that can examining to see that the
cost can be reduce in later jobs.
a) Specific order costume Method: It is applicable in a category of basic costing methods
in which the work is consist of separate job, batches and contracts, these are authorized
by a specific order or a contract (Lanskaya, Ermolenko and Zelinskaya, 2019). For
example, by using operation costing in which standardized goods and service are result
from repetitive or less continuous operation in order to produce the specific unit during a
period.
b) Batch Costing Method: It shoes small umber of order which is passed through a factory
and cost per unit is determined by dividing cost per batch by number of unit is produced
in a batch (Hopper and Bui, 2016). For example, when a factory wants to produce
chocolates in small amount, then they use batch costing method in order to gain profit.
3
Illustration 1: Given by Lecture

c) Contract costing method: this method is used when a firm is deal at different country
and at that time, there is a need to make separate account which is kept for each
individual contract (Weight, 2015). For example, a construction company uses this
method in order to maintain contract with builders, engineers and labors etc.
d) Process costing method: This is suitable for industries where production is continuous
and well-defined process such that finished products become raw material of subsequent
process and all the products are produced with same process (Martello, 2016). For
example, when a company produces different products with or without by product and
then produces simultaneously at same process and those products are clearly identical.
Different typea of reports are as mention below:
Budget reports – it is basically a internal report which is utilized by management in an
enterprise for comparing estimated costs with budgeted. Budget report assist management in
analyzing the business performance and support in identifying the area which require
improvement. (Chan, 2015).
 Cost Report: it is the financial report which determine the cost and also identify charges
related to healthcare services (Jyothi, Vatsala and Gupta, 2019).
 Variance Analysis report: It is the quantitative investigation and a difference between
actual and planned behavior, further it is als used to maintain control over a business
(Lanskaya, Ermolenko, and Zelinskaya, 2019).
Account receivable aging report –It is basically a report which consist of detailed information
about unpaid customer invoices as well as underutilized credit memos. Account receivable
aging report is generally utilized by an individual responsible for collecting payment. Those
personnel utilize the Account receivable aging report for determining the invoices which are
due.
Job cost report – It provides clear view of cost incurred by the particular project or job
in the company. It helps in comparing estimated cost with actual revenue the helps the company
in differentiate between the best performance job and least performer project (Cai, and et.al,
2018 ). This report evaluates the profitability of specific projects and optimize their working.
4

Performance Evaluation report – It is the report which is utilized by management in an
enterprise for reviewing the performance of workers and firm at the end of the year. It assists
mangers in making essential decisions related to organization (Maas, 2016). (Maas, 2016).
1. Profitability report: In cost accounting, it is an analysis of a profitability of a firm
output and these output of an organization can be grouped into products, customer,
location and channels etc (de Jong and Ho, 2019).
3. Benefits of management accounting system
Evaluation of management accounting system are :
Inventory management system
Pro Con
It assist in reducing expenditure as well as
saving lot of money. (Weight, 2015). The installation cost of the system is high
(Hopper and Bui, 2016).
Cost accounting system
Pro Con
It permit the organization to have breakup in
expenditure (Ofori-Kuragu Baiden and Badu,
2016).
It assist organization in estimation of the
expenditure of the commodity (Kokubu,
2015).
It is a system which record past performances
(Maas, 2016.).
Job costing system
Pro Con
5

It assist the organization in figuring out trend
analysis through compilation of real
expenditure. (Nørreklit, 2017).
This system does not provide any
standardization.
When inflation hits, the comparison of jobs
became meaningless (Martello, 2016).
4.Integration of management accounting and reporting system
The integration of management accounting system and reporting system in the
organization works jointly that helps organization in minimizing expenditure and in making
operations more efficient. . The cost accounting system of the organization assist in providing
cost reports to the organization which assist the company in deciding the price of its product
(Bergeron, 2017).
LO 2 please don’t change
1. Calculation of marginal and absorption costing
6

C) Absorption Costing: Reconciliation of Budgeted Profit and Actual Profit
Budget Actual
Number of Units Sold 16,000.00 16,000.00
Standard Profit / Unit 10.00 10.00
Standard Profit 160,000.00 160,000.00
FOH Changed in Cost of Production 90,000.00 95,000.00
Additional FOH Underabsorvition 10,000.00 5,000.00
Total FOH Charged Gross 100,000.00 100,000.00
FOH Transfer for the next month Feb.2019 10,000.00 15,000.00
Net FOH Charged - Absorption Costing 90,000.00 85,000.00
FOH Changed Variable Losting 100,000.00 100,000.00
Reduction in Variable Losting Profit 10,000.00 15,000.00
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LO 3
1.Different types of budgetary tools and their advantages and disadvantages
There are different types of budget tools that helps the company in controlling their cost,
increase their efficiency in operations and help in achieving goals of the company. The different
types of budgetary tools are as follows:
Statistic budget – Static budget can be defined as budget which incorporates anticipated values
related to the input as well as outputs. It is a budget in which there will be no change in the value even after the
great increase or decrease in volume of production. For instance, one factor which reamin static is some overheads
such as rent as well as administrative expenses (Hiebl, 2018).
Pro Con
It provides useful information about
profit and costs.
Static budget assists organization in
controlling expenditure (Adler,
2018)_.
Lack of flexibility (de Jong and Ho, 2019.)
.
2. Flexible budget –Flexible budget is a budget which can be adjusted according to increase or
decrease in volume of production. It is basically a financial plan which consists of estimated revenue as
well as expenses which are based on the actual amount of output. The flexible budget assist management in
analysing the variations in actual as well as estimated output. It also provide management an ease in
comparing actual costs with budgeted expenditure (Maas, Schaltegger and Crutzen, 2016).
Pro Con
The biggest advantage of flexible budget is that
it has high ability to adapt itself to changes
(Nørreklit, 2017.).
The main drawback of flexible budget is that it
require more planning.
It is quite complicated (Ofori-Kuragu, Baiden
and Badu, 2016).
8

3. Rolling budget – It is basically a altered fit of business program which is formulated for
next accounting period.
Pro Con
The primary benefit of rolling budget is that it
assist in saving time and makes an accurate
prediction .
Preparing such type of budget is quite time-consuming.
4. Kaizen budget : It is basically an approach to budgeting which mainly emphasizes on
analyzing the expenditure incurred in bringing improvement in products or services. Kaizen
budget is considered to be as constant rising activity and loss outlay. It is the concept which
is applied to budgeting in which is predetermined cost reductions is incorporated into the
planned business outcomes (Martello, Watson and Fischer, 2016.).
Pro Con
The main advantage of kaizen
budget is that it aids in
elimination of waste from the
business procedure
(Curry,Hersinger and Nilsson,
2019.).
The major cons is that it
increase the work burden on
lower level management in an
organization (Adler, 2018.).
5. Cash budget – It focuses on cash inflows and outflows of the company over a specific
period. Company uses forecast techniques on sales and production to use cash budget and
make assumptions along with estimated income and expenditure (Ofori-Kuragu, 2016). The
purpose of making cash budget is to analyze that the business has enough cash to operate or
not.
Pro Con
It helps the company in minimizing cost and
maximize the profit by making plan of optimal
Cash inflows do not equate to profit which
creates distortions (Weight and Mather, 2015).
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utilization of cash (Ofori-Kuragu, 2016).
It helps company in knowing the current
position of cash whether it is surplus or deficit.
Cash budget relay on estimates which is not
always correct.
6. Zero base budgeting – It allows companies to assign zero for each point in their program
list so that it has no possibility of mistake if right cause are understood into mentation by the
company (Chan, 2015). It questions everything in the routine and analyze the approaches. It
needs systematic analysis of requirement of funds by each department to get best results.
Pro Con
This approach is profit centered and indirect as
well as direct profit are taken into
consideration.
Not based on rules but is based on situations.
(Adler,2018)
Does not take cost into consideration which is
not appropriate to maintain long term
health((Maas, 2016).
Needs detailed analysis and attention because
of complex nature.
7. Activity based budgeting – It is the budgeting which aid to record, analyses all the
activities which leads to pricing the business and it is mainly used to identify the activity as
well as it cost factors and forecasting the units of cost driver that utilized in reuired activity
level. (Chan, 2015).
Pro Con
It helps the firm to determine the overhead
activities as well as its related cost (Pelz,
2019.).
The implementation cost of the ABB is quite
high and sometimes it also misinterpreted the
amount. (Malina, 2018.)
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2. Application of different budgetary tools and their application in preparing forecasting budgets
1. Statistic Budget: This tool is helpful in everyday life such that it helps In future thinking,
measuring stick, anticipating financial needs and also helps in decision-making as well (de
Jong and Ho, 2019).
2. Flexible budget: It helps In adapting current needs and good for irregular income as well.
Further, it helps in performance management and helps to easily update the budget In the
terms of revenue and other activity (D’Ancona, Safak and Ince, 2019).
3. Rolling budget: the budget is helpful in having someone constantly attend to the budget
model and the revise assumptions (Jyothi, Vatsala and Gupta, 2019). It is helpful to reflect
the dynamic business environment and also make more logical spending decision as well.
4. Kaizen Budget: This helps to provide continuous improvement and it also help to focus on
improving the process rather than attaining the aims and objectives (Lanskaya Ermolenko
and Zelinskaya, 2019).
5. Cash budget – To prepare cash budget first it needs to record cash receipts and total the
cash receipt during that particular period. The next step is to record all the cash payments,
and total the cash payments (Bergeron, 2017). After this the company need to calculate net
receipts and by deducting expenses to receipts and after that it need to record opening
balance of cash in beginning of the period and finally add that to net receipt to determine
cash is available or not. The application of cash budget can be seen in forecasting cash
resources for a particular project.
6. Zero base budgeting – The application of zero base budgeting in company allow top level
officials of the company to implement strategic goals in the budgeting process in which first
the costs are grouped and then are measured against previous results and current
expectations. ZBB helps in lowering cost by avoiding increase and decrease to earlier
period’s budget. The application of ZBB can be seen in selecting modes of marketing and
their cost for a specific product.
7. Activity based budgeting – The application of ABB can be seen in the company in 3 stages
(Martello, Watson and Fischer, 2016). In which it identifies the activities and cost that is
driving them then forecasting the number of units of cost driver for the required level of
activity and at last calculation of cost driver rate. The application of ABB can be seen in
forecasting budgets related to project related expenditures, capital investments etc.
11

LO 4
Figure 2 given by the Lecture
NOTE :
1. Compare way in which organisation could management to report financial
problems
1. Business Organisation (eg: Tesco, Asda or Zara)
12

Private organization are generally corporation, partnership firm or agency which
operates business with the motive of earning profit (Nørreklit, 2017).
1.1. Private companies such as Tesco raise funds for dealing with financial
problems through various sources such as family and friends, bank loan,
Crowdsourcing etc.
2. No Profit making organisation
Non profit organization are such type of business which are granted with tax
exemption. For instance , aegis trust in UK
2.1. Housing Association
It is basically a non-profit organization that rents houses and flats to people on low incomes or
with particular needs.
3. Government department
3.1. These are basically a ministerial or non ministerial department. Such types
of organisation handles the subject matter directly related to the politics (Ofori-
Kuragu, Baiden and Badu, 2016.).
1.1. Financial problems ABCD operations ( 6 Financial Problems):
Note: they use management accounting to solve
Shortage Of Financial Resources ( include A, B, C & D)
Tesco by facilitating innovation in business attracts investors to make investment.
In addition to this, Bank Loan is the other source of finance which is utilized by Tesco for
obtaining funds. Teso also uses the Budgeting technique for controlling the expenditure.
On the other hand, Auditing is the techniques which are used by the government companies for
dealing with the financial problems (D’Ancona, G., Safak, E. and Ince, H., 2019).
Falling revenue ( include A&B) : Tesco concentrates more on marketing activities in order to
increase revenue. Whereas, Ngo focus on reducing the costs .
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Cash Flow Problems ( include A, B, C & D)
Budgeting is the Techniques which is utilized by Tesco for dealing with the cash flow.
Delaying and stretching Accounts Payables is the techniques which is adopted by the Tesco that
is private organization for dealing with the cash flow problems. On the other hand, speeding up
collection of Accounts Receivables is the strategy which is adopted by the government
companies for dealing with the cash flow problems (Martello, Watson and Fischer, 2016).
Paying too much tax ( include A)
Private organisation such as Tesco make adjustment in the gross income in order to
reduce tax burden.
Cost Escalation ( include A,B,C&D) : It could be referred to as changes in the cost or price
of specific goods or services in a given economy over a period,
In context of private organization such as Tesco, budgeting is the techniques which is adopted
by an enterprise for avoiding cost escalation.
In relation to government companies, regular auditing is the technique which is used by
firms for preventing the costs run.
In context of charitable organisation, Use donations from major philanthropists to cover
overhead expenses.
In relation to the government enterprise, Automatic budgeting or incremental budgeting
is the techniques which are used by these enterprises for controlling the cost overrun (Curry,
Hersinger and Nilsson, 2019.).
Shortage of Resources - Capital Expeditor (A,B,C&D
Private organisation such as Tesco has provided the training to the staff so that the
resources can be utilised in an appropriate manner. An organisation has also adopted the
partnership strategy for dealing with the shortage of resources.
The charitable organisation seek donation in order to fulfil the needs of resources.
Housing association seek support from the government in order to cater top the requirements of
resources.
Government department seek support from the legal authorities in otrher nation for
obtaining the resource (Curry, Hersinger and Nilsson, 2019).
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TECHNIQUE PROFITABILITY INDEX
There are 6 methods of investment appraisal we shall learn 3 methods
a. Pay Back period method : It is basically calculation which is performed in order to
derive the pay back period. For instance, Abc Ltd. Is planning to purchase the bandwidth
which cost is £50000 and will assist an organization in generating the 10000£ every
year of total net cash flow. 5.0 years will be net pay back period for capital investment
(Adler, 2018.).
b. Net present value methods : It is basically a difference between the present value of cash
inflows as well as outflows over period,
c. Profitability Index Method : It is the formula which is basically a formula which is
utilised for measuring the present value of benefit for the money invested.
Traditional Method Discounted Cashflow Methods
1. Accounting Rate of Return Methods :is
the average net income, in which the
company used this method when it has
income statements so that profit is used in
B/S as well as Cash flow statement.
1. Net present value methods : is the
variation between the present value
of cash inflows and the present value
of cash outflows.
2. Pay Back period method : It is basically
calculation which is performed in order
to derive the pay back period.
2. Internal rate of return is a rate for
which this function is zero.
8. Discounted Pay Back period Method :
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mainly used to evaluate the time period
so that it recover the initial investment
(Hiebl, 2018.).
9. Profitability Index Method : Aid to
determine the ratio between starting as
well as future cash flow
(Curry,Hersinger and Nilsson, 2019.)
1. Adaption of management accounting system to solve financial problems
These systems along with performance indicators make sure that operations of the
business are carrying out smoothly with efficient performance in each department of the
company (Cai and et.al, 2018). The issues that are facing by the organization are under and over
estimation of budget, cost inefficiency, deficit cash flow, decrease in sales, loss of production
etc. To solve financial issues company uses performance indicators that are as follows :
Benchmarking – It is the process which is used to identify the performance of the
company's products. Further, it is the activity in which the company measure the business
peformance and metrices of industry to determine the best performace adopt by the firm (Maas,
2016). It helps company A in solving problems related to Account receivables and payables by
comparing performance of both with actual data. It helps company B by solving issues of
revenue and cost per employee so that company B can take corrective measures to decrease the
cost of employee.
Balanced scorecard - It is another startegy method which is used by the managers in
order to track all the activities that is executed by the staff and then monitor by the mangers.
Further, it is also used to communicate what a business wanst to acheive and also aligning all day
to dat activities by prioritizing the projects and products/ services (Maas, 2016).
Variance analysis - It is another measurement tool which isused to investigate the
difference betweeb the actual and planned behaviur and it is also used to maintain the control in
a business.(Nørreklit, 2017). Therefore, it is mainly done to identify the causes of variation at the
16

time of handling the final accounts from the budget values. Apart from this it is also used to
determine why fluctuation occur and what the ways that can be used to reduce the adverse
variance.
Key performance indicator - It is another tool which can be used by the firm in orde to
demonstrate how effectively a company is attain the key business and their objectives. KPI is
mainly used at multiple level in roderto determine the success which are reach at target, as it is
used to determine the overall performanceof the business (Bergeron, 2017).
Financial governance - It refers to the method which the firm collect and managers,
look after and control all the financial information which help a firm to attain the aim and
objectives. Further, it is also used by the company to manage the business data and also make
sure that the information is correct and it also includes internal control and financial policies
(Hopper, 2016).
Analyzing planning tools in solving financial problems
The different planning tools helps the company in solving their financial problems and
lead them to the road of the success as these tools coordinate the working of various departments
and work with proper plan and control on revenue and expenditure of the company (Bergeron,
2017). They act as a tool for measuring performance of various departments and are compared to
actual results with estimated results which give a clear picture of the company. This tool helps in
reducing cost of production which is really important to go ahead from the competition.
CONCLUSIONS
From above, it has been concluded that included that management accounting is one of
the most essential system of company which help to manage reports in internal environment of
the company for internal users. Company face several issues due to falling revenue, cash flow,
paying taxes more and more which effect on financial performance and profitability of business.
They adapt management accounting program in order to resolve financial issues effectively
which is beneficial for business success and growth. Furthermore, organization is using different
types of tool or take strategic decision in context of solving financial issues.
17

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